February 1, 2018 - This report by Algebris Investments discusses how the specter of a bond market selloff has been circling around investors since the beginning of last year. After many false starts over the past few quarters, we now have Bund yields over 0.7% and Treasuries over 2.7%. So far, the move has been gradual and controlled by careful central bank talk. But more monetary policy normalization lies ahead, and fiscal stimulus in the US and Europe may add to late-cycle reflationary forces, which so far have been tenuous. Is the multi-decade bull market in bonds nearing its end?